As its biggest trading partner, a slowing China is bad news for Down Under. As Treasurer Jim Chalmers’ first budget on Tuesday shows, though, Australia has some shock absorbers, says AntonyMCurrie
. But the hope is that the government of the day will be encouraged to adopt some fiscal discipline. Chalmers has, so far, passed the test.
China’s economy may yet show some resilience. If it doesn’t Australia won’t be able to escape the fallout entirely, but at least has some defences.Inflation in Australia hit a 32-year high of 7.3% in the year to the end of September, data released on Oct. 26 by the Australian Bureau of Statistics show.
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